Wow! November Real Estate Update | Hoboken & Downtown Jersey City

  

The market showed solid performance in November, with the pace of sales staying at record levels for Hoboken and pending sales increasing in downtown Jersey City.

We are still seeing strong activity in November and even well into December. I've noticed this trend over the last few years.  

Hoboken

The absorption rate decreased to 6.75 weeks which is the lowest we've seen in almost 5 years.

Pending sales dipped to 206 units which is just below our all time record of 212 units.

Total sales increased to 88 units, bolstered by the pending sales over the last few months.

Days on the market increased decreased to 34 days.

1BR pricing dropped 1.11% to $731.01/sq.ft. 

2BR pricing decreased 2.03% to $732.31/sq.ft.

3BR pricing decreased 5.07% to $771.83/sq.ft.

4BR pricing decreased 5.99% to $989.60/sq.ft.

Downtown Jersey City

The absorption rate increased to 31.85% to 17.14 weeks, but still down 39.05% when compared to the same time last year.  

Pending sales increased by 12.67% to 169 units.

Days on the market increased 12 days to 51.

1BR pricing increased 13.80% to $873.32/sq.ft.

2BR pricing increased .15% to $782.17/sq.ft.

3BR pricing decreased -10.88% to $729.47/sq.ft.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

12 Year Anniversary! | Hoboken and Downtown Jersey City Real Estate Report

 

It's been 12 years since I started tracking data in Hoboken and downtown Jersey City.  The graphic directly above is the stat report from my first post in October 2009.  It's interesting to see pricing from 12 years ago.  Also take a look at the average days on the market.  110 days for Hoboken!  95 days for downtown Jersey City! 

How things have changed around here.

Now, on to the October 2021 stats.

Hoboken

The absorption rate increased to 12.48 weeks.  It's still very much in seller's market territory, but it has been creeping up over the last few months.

Pending sales increased to 212 units, which is the highest October number I've recorded since I began tracking data 12 years ago!

Total sales dropped another 20 units to 86, but that number will increase over the next few months as the pending sales start to close.

Days on the market increased 9 days to 40.

1BR pricing dropped 1.24% to $739.22/sq.ft. 

2BR pricing increased 5.45% to $747.49/sq.ft.

3BR pricing increased .69% to $813.07/sq.ft.

4BR pricing increased 14.57% to $1052.63/sq.ft.

Interesting to note that the 4BR condo market didn't even exist in 2009.

Downtown Jersey City

The absorption rate decreased to 24.68% to 13 weeks, but still down 51.16% when compared to the same time last year.  Inventory in the downtown area is still moving quickly in the downtown area.

Pending sales dropped by 10.18% to 150 units.

Days on the market increased 5 days to 39.

1BR pricing increased .96% to $767.40/sq.ft.

2BR pricing increased .82% to $781.01/sq.ft.

3BR pricing decreased 11.97% to $818.54/sq.ft.

It's nice to see pricing increase in all categories in downtown Jersey City.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Each office is independently owned and operated.

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

🏠🔥September Real Estate Report | Hoboken/Downtown Jersey City 🔥🏠

      

The fall selling season is finally here.  Buyers are out there looking for a home that they can hopefully purchase before the end of the year to take advantage of 2021 tax write offs.  

The market is still showing strength with low inventories, favorable interest rates and strong demand.

Hoboken

The absorption rate bumped up 59.10% to 10.23 weeks for September and is still firmly entrenched in seller's market territory.  The market is moving substantially better than this time last year.

Pending sales were stable at 186 units which should be used to keep the absorption rate low through the end of 2021.

Total sales dropped another 28.33% to 86 units.

Days on the market dropped 1 day to 31 days.

1BR pricing dropped 5.65% to $748.52/sq.ft. 

2BR pricing dropped 5.64% to $708.88/sq.ft.

3BR pricing increased 11.01% decrease to $807.51/sq.ft.

Interesting to note that 4BR pricing increased 12.16% to 918.78/sq.ft. and is up 32.19% from this time last year.  

Downtown Jersey City

The absorption rate increased 19.12% to 17.26 weeks, but still down 48.90% when compared to the same time last year.  This shows that inventories are moving faster now than they were last year.

Pending sales increased by 6.37% to 167 units.

Days on the market dropped 4 days to 34, but surprisingly is up 17.24% from the same time last year.

1BR pricing decreased 1.71% to $760.07/sq.ft.

2BR pricing increased 12.25% to $774.63/sq.ft.

3BR pricing decreased 10.14% to $731.04/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

The Rally Continues | August Real Estate Update

     

The market performed well again in August with all indicators pointed towards a strong market as we enter into the fall selling season.

Hoboken

The absorption rate for Hoboken dropped to its lowest rate in since December 2016 at 6.43 weeks as lower inventories were met with strong demand. 

Pending sales dropped by 17.19% which will affect the absorption rate in 2-3 months.

Total sales dropped 10.45% to 120 units.

Days on the market increased to 32 days which is up 23.08% from last month.

1BR pricing increased 6.14% to $793.32/sq.ft. (highest since January 2020)

2BR pricing increased .92% to $751.22/sq.ft. (highest since March 2020)

3BR pricing saw a 3.41% decrease to $727.43/sq.ft.

Downtown Jersey City

The absorption rate increased 13.65% to 14.49 weeks, but still down 46.69% when compared to the same time last year.

Pending sales increased by .64% to 157 units.

Days on the market remained flat at 38 days.

1BR pricing increased .62% to $773.29/sq.ft.

2BR pricing dropped 12.91% to $690.09/sq.ft.

3BR pricing increased 27.03% to $813.54/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't many 3BR sales each month.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

Buyers Continue to Enter The Market | July 2021 Real Estate Report

    

The warm summer months and low interest rates still continue to bring buyers into the market.

Hoboken

Another strong summer month for Hoboken with absorption rates hovering around the 7 week mark.  This indicates a very strong paces of sales.

Pending sales dropped by 19.93% which will affect the absorption rate in the upcoming months.

Total sales did bump up 1.52% to 134 units.

Days on the market dropped another two days to 26 which is down 44.68% from last year.

1BR pricing increased 1.28% to $747.43/sq.ft.

2BR pricing dipped .74% to $744.35/sq.ft.

3BR pricing saw a .84% increase to $753.15/sq.ft.

Overall a strong month.

Downtown Jersey City

The absorption rate remained steady at 12.75 weeks, an increase of just 1.35%.  This a decrease of 76.58% when compared to last year.  

This shows you how much faster inventory is moving now.

Pending sales dipped in downtown Jersey City by 17.89% to 156 units which will affect the absorption rate in the next 1-2 months.

Days on the market dropped 8 days down to 38, again a good indicator of the current market strength.

We saw price drops for all categories in downtown Jersey City this month.

1BR pricing dropped 4.58% to $768.49/sq.ft.

2BR pricing dropped 4.43% to $792.41/sq.ft.

3BR pricing dropped 17.31% to $640.31/sq.ft.

Remember, 3BR pricing is always a bit volatile in downtown Jersey City because there aren't that many 3BR sales each month.

A solid performance for July for sure.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

The Real Estate Market Hasn't Been Like This in a LONG Time | June 2021 Report

   

We saw an even stronger market for June as buyers continue to enter back into the market.

Hoboken

The pace of sales continued again in June with the absorption rate dropping to 7.52 weeks. We haven't seen the market move this fast since August 2017.  March 2020 was a fast month as well, but that was because inventory stopped entering the market, so it was an anomaly.

Days are on the market are the lowest they've been since November 2017.

Prices are also bouncing up against record levels as well.

Downtown Jersey City

The market strengthened for downtown Jersey City as well with the absorption rate dropping to 12.58 weeks which is a level we haven't seen since December 2017.

Pending sales dropped this month by 9.09% to 190 units, but still strong numbers.

Total sales increased 1.25% to 92 units, up 13.58% and at levels we haven't seen since August 2016.

Days on the market bumped up 4.55% to 46 days, but still trending down overall.

2BR units hit $829.14/sq.ft. which are prices we haven't seen since December 2019.

1BR and 3BR performed as well, but not as well at 2BR units.

Overall the market is performing very strongly in Hoboken and downtown Jersey City.  

Low inventory coupled with surging demand is creating a very favorable seller's market.

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

May 2021 | Market Continues Strong Pace for May | Hoboken/Jersey City Real Estate Report

   

The market again continues its strong pace for May.

Hoboken

The absorption rate continues in the single digits for the third month in a row as inventory is sold at fast pace.

This is also evidenced by the fact that the days on the market decreased by 4.88% for May and Pending Sales are up 4.09% to 280 units.

Studio units decreased 19.56% to $590.28/sq.ft.

1BR units decreased 1.02% to $713.58/sq.ft. 

2BR units decreased .92% to $721.36/sq.ft.  

3BR units increased of 12.04% to $784.35/sq.ft.

Downtown Jersey City

Downtown Jersey City showed a slight increase in their absorption rate of .87% to 15.14 weeks.

Pending sales decreased this month by 5.86 % to 209 units.

Total sales increased 1.25% to 81 units.

Days on the market decreased a strong 10.20% to 44 days.

1BR units saw a 12.89% increase to $805.14/sq.ft.

2BR units saw a .34% decrease to $730.42/sq.ft. 

3BR units increased by 1.02% to $724.17/sq.ft.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

Hoboken and Downtown Jersey City Market Continue to Heat Up | April 2021 Real Estate Report

  

I'm keeping the fire image again this month, because the market was heating up again in April!  

Pricing is up and inventory is down!

Hoboken

The absorption rate dropped 1.93% to a very low 9.64 weeks as buyers snapped up whatever decent properties are left in the Hoboken.

Pending sales are up another 12.08% to 269 units and total sales for the month are up another 6.73% to 104 units and up 136.17% from the same time last year.

Days on the market decreased 21.15% to 41 days.

Studio units increased 4.67% to $733.82/sq.ft., 

1BR units increased 1.14% to $720.93/sq.ft. 

2BR units increased 3.09% to $728.06/sq.ft.  

3BR units saw a modest decrease of 2.44% to $700.09/sq.ft.

Overall a very solid month.

Downtown Jersey City

Downtown Jersey City showed a decrease in their absorption rate of 31.27% to 15.01 weeks.

Pending sales decreased this month by 5.71% to 222 units and up an impressive 152.27% from the same time last year.  

Total sales decreased 9.09% to 80 units from last month and increased 122.22% from 

the same time last year.

Days on the market increased by 2% to 49 days.

1BR units saw a 8.17% increase to $713.20/sq.ft.

2BR units saw a 3.96% decrease to $732.94/sq.ft. 

3BR units increased by 3.41% to $716.89/sq.ft.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

Hoboken Up 92.59% | Downtown JC Up 55.04% | March 2021 Update

 

Based on the data and the word on the street among my fellow realtors, the market seems to be heating up again.  With inventory being compromised and demand increasing we should start seeing prices rise in the upcoming months.

Hoboken

The absorption rate decreased by 46.98% to 9.83 weeks.  Inventory hasn't been this low since March 2020.  

Pending sales are up 18.23% to 240 units and total sales for the month are up a whopping 92.59% to 104 units from last month and 48.57% from the same time last year.

Days on the market increased 15.56% to 52 days.

We did see a price drop of 6.21% for 1BR to $701.05/sq.ft. which is a bit odd being that first time home buyers have been turning into renters and they usually purchase in the 1BR market.

2BR units increased 1.73% to $712.78/sq.ft. and 3BR units saw modest gains of 1.11% to $706.26/sq. ft.

Downtown Jersey City

Downtown Jersey City showed an increase in their absorption rate of 11.77% to 21.84 weeks.

Pending sales were also up this month by 10.53% to 210 units and up an impressive 103.88% from the same time last year.  Total sales also increased 66.04% to 88 units from last month and increased 91.30% from the same time last year.

Days on the market increased by 15.56% to 52 days.

1BR units saw a 8.94% increase to $776.66/sq.ft., 2BR units saw a 6.82% increase to $763.14/sq.ft. and 3BR dropped by 8.11% to $693.28/sq.ft.

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com

The Market Starts to Heat Up | February Real Estate Update

 

It was a bit unclear in January where the market was headed.  Now with February's numbers completed, I see that the market is much more active.

Hoboken

The absorption rate increased 7.79% to 18.54 weeks, which is still firmly in seller's market territory.  It's important to note that the rate is down 7.21% from last year at the same time. Typically 24-32 weeks is considered a balanced market and over 32 weeks is considered a buyer's market.

Inventory is lingering a bit longer again this month, but pending sales are up 18.71% from last month and 18.71% as well from February 2020.  

Totals sales are down 19.40% but we are still seeing some closings that were under contract at the end of last year when that market was a bit softer.  We will start seeing total sales increase for next month.

1 BR pricing saw a 1.13% decrease which is just a normal market fluctuation.  We are still seeing first time homebuyers entering the market. 2BR and 3BR markets each saw price increases of over 8.41% and 5.08% respectively as move up buyers start to feel more comfortable with the prospects of living in Hoboken post-COVID.

Downtown Jersey City

The absorption rate increased 10.96% to 19.54 weeks and is still on par with Hoboken.  We don't usually see this and it is a good sign of increased activity in the area.

Pending sales increased 4.97% to 190 units. Pending sales are up an impressive 57.02%.  

There were 53 total transactions, down 5.36% from last month, but up 43.24% from February 2020.

1BR units saw a 5.16% decrease, but we still saw many renters become first time homebuyers in downtown Jersey City as well.

2BR units decreased 2.73% while 3BR units jumped 29.82%, but as usual 3BR sales are only based on a few sales.

So based on the data here and a sneak peak I took for the March numbers, it seems that the market is starting to heat up again.  

Happy Hunting!

Kevin G. Dowd

Broker of Record

100 Washington Street

Hoboken, New Jersey 07030

Cellular: 201.606.5957 | Office: 201.659.8600 

Search MLS Listings for free at ViewHobokenHomes.com and DowntownJerseyCityHomes.com

Get the latest real estate statistics at HobokenDowntownJerseyCityRealEstateBlog.com